Key Highlights
- HYPE declined approximately 7% amid widespread crypto market selloff that triggered over $660 million in liquidations.
- Major holders accumulated more than $23 million in HYPE tokens during the price decline, including a massive $17.45M Coinbase Prime withdrawal.
- An address associated with Arthur Hayes purchased 44,156 HYPE tokens valued at approximately $3 million following earlier profitable transactions.
- Critical support remains intact within the $58–$60 range, with initial resistance positioned at $70, followed by the $75–$80 target zone.
- Futures market indicators display a long-to-short ratio exceeding 1 with positive funding rates, suggesting maintained bullish trader sentiment.
Hyperliquid (HYPE) experienced a roughly 7% decline as Bitcoin, Ethereum, and the broader altcoin market entered a period of risk aversion. The cryptocurrency sector witnessed over $660 million in total liquidations, creating downward pressure across numerous digital assets.
Despite this market-wide correction, blockchain data reveals a contrasting narrative for HYPE. Significant capital has been flowing into the token from large-scale investors who view the dip as an accumulation opportunity.
Blockchain intelligence service Lookonchain identified two substantial transactions. A freshly established wallet removed 278,827 HYPE tokens valued at $17.45 million from Coinbase Prime. Additionally, the whale address 0x2386 extracted 96,930 HYPE worth $6.01 million from BitGo following a month-long dormancy period.
Combined, these movements represent more than $23 million in whale-level accumulation during the recent price weakness.
Hayes-Connected Wallet Makes Another Move
An address reportedly connected to BitMEX co-founder Arthur Hayes executed another transaction, withdrawing 44,156 HYPE tokens worth approximately $3 million from a centralized exchange.
This wallet has previously executed multiple profitable HYPE transactions in recent trading sessions before this newest entry. The activity is noteworthy as it signals that sophisticated market participants continue to identify value at present price levels.
Another significant holder removed 60,392 HYPE tokens valued at roughly $4.18 million from Gate exchange, bringing that particular address’s total holdings to over 457,000 HYPE worth more than $31 million.
HYPE had demonstrated notable strength among altcoins in preceding weeks, advancing toward the $78–$80 price range. This outperformance made it vulnerable to profit-taking when overall market sentiment deteriorated.
The token currently sits at a crucial support zone between $58 and $60, an area that aligns with prior breakout levels and the 50-day exponential moving average positioned at $58.94.
Derivatives Market Indicators
Futures market data continues to reflect bullish positioning. According to CoinGlass, the long-to-short ratio stands at 1.03, indicating more traders hold long positions anticipating price appreciation rather than shorts betting on declines.
Funding rates have shifted into positive territory at 0.0042%, demonstrating that long position holders are compensating short sellers — typically interpreted as a bullish market structure signal.
However, not all indicators paint an optimistic picture. Social dominance metrics for HYPE have declined since June 17, currently registering 0.175%. Spot ETF inflows have also remained subdued throughout this week, suggesting tempered institutional appetite.
CryptoQuant analysis indicates retail trader participation surged following HYPE’s all-time high of $76.90 recorded last week. Both spot and derivatives markets exhibit characteristics of overextension, potentially constraining the speed of any recovery rally.
Should buyers successfully defend the $58–$60 support zone and broader market conditions stabilize, the immediate resistance target emerges around $70. Breaking through that level would reopen the pathway toward the $75–$80 zone.
Hyperliquid’s Relative Strength Index registers approximately 53 on the daily timeframe — indicating neutral momentum — while the MACD indicator maintains a slightly bearish reading.
The 200-day exponential moving average positioned at $44.68 serves as a deeper support benchmark should the current price floor fail to hold.
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